WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534a, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Brokers and Originators”;

WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking (“Department”), conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on June 18, 2008, the Commissioner, acting pursuant to Sections 36a-492(b), 36a-494(a)(1)(C), 36a-517(a)(1)(C) and 36a-51(a) of the 2008 Supplement to the General Statutes, issued a Notice of Automatic Suspension, Notice of Intent to Revoke First and Secondary Mortgage Correspondent Lender/Broker Licenses and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;

WHEREAS, on June 19, 2008, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB027867942US);

WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that the Commissioner would issue an order revoking Respondent’s licenses to engage in the business of a first and secondary mortgage correspondent lender/broker in Connecticut from 199 Jericho Turnpike, Suite 201, Floral Park, New York, if a hearing was not requested within 14 days of its receipt;

WHEREAS, on July 8, 2008, Respondent received the Notice, and no request for a hearing was received by the Commissioner;

WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a bond is a violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes and constitutes grounds to revoke Respondent’s licenses to engage in the business of a first and secondary mortgage correspondent lender/broker in Connecticut from 199 Jericho Turnpike, Suite 201, Floral Park, New York, pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the 2008 Supplement to the General Statutes, respectively;

WHEREAS, Section 36a-51(b) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall . . . revoke . . . the license. No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;

WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted. Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”;

WHEREAS, Section 36a-494(a)(1) of the 2008 Supplement to the General Statutes provided at the time, in pertinent part, that “[t]he commissioner may . . . revoke . . . any [first mortgage correspondent lender/broker] license . . . , in accordance with the provisions of section 36a-51, . . . if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has . . . (C) violated any of the provisions of this title”;

WHEREAS, Section 36a-517(a)(1) of the 2008 Supplement to the General Statutes provided at the time, in pertinent part, that [t]he commissioner may . . . revoke . . . any [secondary mortgage correspondent lender/broker] license . . . , in accordance with the provisions of section 36a-51, . . . if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has . . . (C) violated any of the provisions of this title”;

AND WHEREAS, Section 36a-492(a) of the 2008 Supplement to the General Statutes provided at the time, in pertinent part, that “[n]o such [first mortgage correspondent lender/broker] license, and no renewal thereof, shall be granted unless the applicant has filed a bond with the commissioner written by a surety authorized to write such bonds in this state, in the sum of forty thousand dollars . . . . The bond shall run concurrently with the period of the license granted to the applicant, and the aggregate liability under the bond shall not exceed the penal sum of the bond.”

II. FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.

The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 6, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.

2.

The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Sections 36a-494(a)(1)(C) and 36a-517(a)(1)(C) of the 2008 Supplement to the General Statutes, constitutes sufficient grounds to revoke Respondent’s licenses to engage in the business of a first and secondary mortgage correspondent lender/broker in Connecticut from 199 Jericho Turnpike, Suite 201, Floral Park, New York. The Commissioner also finds that such licenses, pursuant to Section 39 of Public Act 08-176, are deemed to be a mortgage correspondent lender license on and after July 1, 2008.

3.

The Commissioner finds that the Notice was given in compliance with Section 36a-51(a) of the 2008 Supplement to the General Statutes and Sections 4-177 and 4-182(c) of the Connecticut General Statutes.

III. ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-91, 07-156 and 08-176, and Section 36a-51(b) of the 2008 Supplement to the General Statutes, that:

1.

The license of AFRA Home Capital, LLC d/b/a Faith Finance to engage in the business of a mortgage correspondent lender in Connecticut from 199 Jericho Turnpike, Suite 201, Floral Park, New York, be and is hereby REVOKED; and

2.

This Order revoking the license of AFRA Home Capital, LLC d/b/a Faith Finance to engage in the business of a mortgage correspondent lender in Connecticut from 199 Jericho Turnpike, Suite 201, Floral Park, New York, shall become effective when mailed.